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ARCATA NAT. CORP. v. RENGO

No. 75-1385.

538 F.2d 273 (1976)

ARCATA NATIONAL CORPORATION, a California Corporation, Plaintiff-Appellant, v. Robert C. RENGO and William A. Elsasser, Defendants-Appellees. William A. ELSASSER, Plaintiff-Appellee, v. ARCATA COMMUNICATIONS, INC., a California Corporation, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Rehearing Denied August 31, 1976.

Attorney(s) appearing for the Case

Cleveland C. Cory (argued), of Davies, Biggs, Strayer, Stoel & Boley, Portland, Or., for appellant.

George E. Birnie (argued), Portland, Or., for appellees.

Before MOORE, KILKENNY and SNEED, Circuit Judges.

OPINION

MOORE, Circuit Judge:

The origin of this business transaction which brought the parties into court is to be found in a negotiation in the spring of 1971 which resulted in a written agreement entitled "Plan and Agreement of Reorganization" (the "Plan") whereby William A. Elsasser and Helen B. Elsasser, his wife ("Helen"), and Robert C. Rengo agreed with Arcata National Corporation, a California corporation ("Arcata"), to exchange all the stock of...

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